Adjusted Net Operating Income. On any date of determination, the sum of (a) the Net Operating Income for the preceding two (2) fiscal quarters annualized minus (b) the Capital Reserves for such period.
Adjusted Net Operating Income. On any date of determination, the sum of (a) the Net Operating Income for the prior fiscal quarter most recently ended, multiplied by four (4), less (b) the Capital Reserve.
Adjusted Net Operating Income. On any date of determination with respect to any period, an amount equal to (a) Net Operating Income from the Pool Properties that are included in the calculation of Pool Availability for the prior two (2) fiscal quarters most recently ended annualized, less (b) the Capital Reserves relating to the Pool Properties that are included in the calculation of Pool Availability for such period. Notwithstanding the foregoing, with respect to any Pool Properties that are Medical Assets (other than MOBs) that are included in the calculation of Pool Availability, the amount included in the preceding sentence with respect to such Pool Property shall be the lesser of (i) the amount determined with respect to such Pool Property pursuant to the preceding sentence and (ii) the amount that would result from dividing (A) an amount equal to (X) the trailing twelve (12) month EBITDAR for such Pool Property less (Y) the Capital Reserves relating to the applicable Pool Property that is included in the calculation of Pool Availability, by (B) 1.30; provided, however, in the event that any such Medical Asset (other than MOBs) is leased to more than one tenant, then such calculation will use a weighted average based on the total square footage of such Medical Asset. For any Pool Property acquired by Borrower or a Subsidiary Guarantor that has not been owned for two (2) fiscal quarters, Net Operating Income for such Pool Property shall be the pro forma Net Operating Income for such asset for the first two (2) fiscal quarters of ownership (with the income based upon pro forma rents to be received by Borrower or a Subsidiary Guarantor during the first two fiscal quarters of ownership), as reasonably approved by Agent; provided that for the second (2nd) quarter of such two (2) fiscal quarter period, the actual Net Operating Income for the first (1st) fiscal quarter shall be used instead of the pro forma Net Operating Income for such first (1st) quarter. The calculation of Adjusted Net Operating Income shall exclude any property that is no longer a Pool Property.
Adjusted Net Operating Income. As at any date of determination, an amount equal to (i) the Net Operating Income of the Unencumbered Pool for the applicable period; minus (ii) the Unencumbered Pool Capital Reserve on such date.
Adjusted Net Operating Income. On any date of determination, the sum of (a) Net Operating Income from the Mortgaged Properties for the prior two (2) fiscal quarters most recently ended annualized, less (b) the Capital Reserves. For any Mortgaged Property acquired by Borrower or a Subsidiary Guarantor that has not been owned for two (2) fiscal quarters, Net Operating Income for such Mortgaged Property shall be the pro forma Net Operating Income for such asset for the first two (2) fiscal quarters of ownership (with the income based upon pro forma rents to be received by Borrower or a Subsidiary Guarantor during the first two fiscal quarters of ownership), as reasonably approved by Agent; provided that for the second (2nd) quarter of such two (2) fiscal quarter period, the actual Net Operating Income for the first (1st) fiscal quarter shall be used instead of the pro forma Net Operating Income for such first (1st) quarter.
Adjusted Net Operating Income. On any date of determination for the applicable Real Estate and with respect to any period, the sum of (i) Net Operating Income from such Real Estate for the trailing four (4) calendar quarter period, less (ii) the Capital Reserves for such period. Notwithstanding the foregoing, for the calculation above for assets that have been owned by Borrower or a Subsidiary of Borrower for less than four (4) quarters, the calculation of Net Operating Income shall be calculated for the first (1st) calendar quarter after acquisition by multiplying the pro forma Net Operating Income for such Real Estate (as approved by Agent) for the first (1st) calendar quarter after such Real Estate is acquired by four (4), and thereafter by annualizing the most recent actual quarterly Net Operating Income for such Real Estate since it was acquired until there are four (4) calendar quarters of actual results.
Adjusted Net Operating Income. On any date of determination, Net Operating Income from the Mortgaged Properties less Capital Reserve allocable to the Mortgaged Properties for the prior four (4) fiscal quarters most recently ended. With respect to any Mortgaged Properties acquired less than four (4) fiscal quarters prior to the date of determination, the Adjusted Net Operating Income allocable to such Mortgaged Properties shall be determined based on the Net Operating Income and Capital Reserve for all completed fiscal quarters since the date of acquisition, annualized based on the number of complete quarters since the date of acquisition.
Adjusted Net Operating Income. On any date of determination, the sum of (a) Net Operating Income from the Unencumbered Pool Properties for the prior two (2) fiscal quarters most recently ended annualized, less (b)
Adjusted Net Operating Income. On any date of determination, for any Real Estate, an amount equal to (i) the Net Operating Income from such Real Estate for the applicable period; less (ii) the Capital Reserve applicable to such Real Estate for the applicable period, calculated on a trailing 12-month basis. For the purposes of calculating Adjusted Net Operating Income for any Real Estate not owned and operated by the Borrower or a Subsidiary Guarantor for the prior four (4) full fiscal quarters most recently ended, the Adjusted Net Operating Income attributable to such Real Estate shall be calculated by using the actual historical results for such Real Estate for the prior four (4) full fiscal quarters most recently ended as if such Real Estate had been owned by the Borrower or a Subsidiary thereof during such period; provided, however, to the extent actual historical Adjusted Net Operating Income attributable to such Real Estate is unavailable, the Borrower may include such calculation of Adjusted Net Operating Income attributable to such Real Estate calculated on a proforma basis utilizing the most recent results available to the Borrower, annualized, so long as the Agent shall have given its prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Additionally, for such Real Estate that has been disposed of by the Borrower or Subsidiary Guarantor during the period of the prior four (4) fiscal quarters most recently ended, the Adjusted Net Operating Income attributable to such Real Estate shall be excluded from the calculation of Unencumbered Pool NOI and Value.
Adjusted Net Operating Income. For any Real Estate Asset, as of any date of determination, Net Operating Income for the twelve (12) month period immediately preceding the date of determination, minus the aggregate Minimum Capital Expenditures Reserves for such Real Estate Asset for such period, and minus the aggregate Minimum Management Fees for such Real Estate Asset for such period.
